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UAE plans investment promotion centres

Haseeb Haider
Filed on August 2, 2011

ABU DHABI — The UAE has prepared a consolidated investment map to attract foreign investment into the country and in this regard have planned to set up four investment promotion centers in UK, Spain, Italy and South Korea by year-end to market nation’s investment potential.

The Ministry of Economy’s Investment Department and a private marketing firm Dar-Al-Tawasol have prepared a strategy to market the investment potential of the seven emirates to the global investors, in a project that would span seven years.

According to the plan four investment promotion offices would be opened up by year-end, while more would be setup in the coming years, Feras Dahlan Chief Executive Officer of Dar Al Tawasol told Khaleej Times.

Speaking to diplomats in Abu Dhabi, where he explained to them the idea behind the UAE Investment Map project, which would disseminate information to the potential investors, and guide them into the country, Dahlan said these offices will coordinate efforts to promote the UAE as an investment hub.

In order to attract investments, he said the initial focus would be targeted on the 12 industrial nations Argentina, Brazil, China, Germany, South Korea, Turkey and Japan. Other countries in the focus group include UK, US, Italy, India and Spain.

Among the sectors, which would be offered for investments will include the energy, renewable energy, aluminium, automotive, transportation, aviation, and ICT sectors which have a huge potential to attract foreign investment. Other areas, to be offered would include financial services, health care, pharmaceutical industries, education, and tourism apart from others.

The project would be kick started on November 9-11 in Abu Dhabi, when a three day international investors’ conference would be held to present them with a blue print on UAE’s investment map.

The conference, which would be an annual feature and would be rotated in the seven emirates, would highlight the investment opportunities in the each of the federating units in line with their investment plans. According to a booklet distributed on the occasion, the UAE has prepared a consolidated investment map to attract global investment to encourage national economic reforms, boost gross domestic product in order to achieve a sustainable development.

Speaking on the occasion, Mohammed Saleh Shalouh, Assistance Undesecretary at the Ministry of Economy, said, “The UAE Investment Map project is in line with Ministry of Economy’s vision to strengthen the investment environment by providing support and guidance and by enhancing cooperation and partnership with the local entities concerned.”

“The ministry aims to further enhance the competitiveness of the economy by attracting foreign investment,” he said. Shalouh said “the project is part of the Minstry’s plans and strategy for the current year.”

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